Step 1 of 5 · Who owes the tax
Form 5330 — Section F: Prohibited tax shelter transactions
The $20,000-a-transaction tax a tax-exempt entity owes for being a party to a prohibited tax shelter transaction.
This return reports Section F taxes only.
A Form 5330 may report the taxes of one section. If you also owe an excise tax from another section, it has its own due date and needs its own Form 5330 — start a second one from the section list.
Due: The 15th day of the 5th month following the close of the entity's tax year.
Who owes the tax
Form 5330 is filed by the person or entity liable for the excise tax — which is not always the plan or its sponsor. Give the EIN for an entity, or the SSN if an individual owes the tax.